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{"ops":[{"insert":"a.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A monopolist\u00a0producing and selling\u00a0cooking gas faces a demand curve,\nQ = 100 \u2013 0.2P. If Total Cost is TC=4000+ 50Q.\ni.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Determine the quantity of cooking gas she will produce and the price she will charge to maximize profits and determine her profit.\nii.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Explain how her profits she will affected if regulators forced her to operate like a perfectly competitive firm.\niii.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Illustrate and compute dead-weight loss and lost consumer surplus associated with her Monopoly operations.\na.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Suppose the joint cost function of a firm producing two products X and Y IS given by\u00a0"},{"attributes":{"bold":true},"insert":"C = 250X"},{"attributes":{"bold":true,"script":"super"},"insert":"2"},{"attributes":{"bold":true},"insert":"\u00a0+ 120Y"},{"attributes":{"bold":true,"script":"super"},"insert":"2"},{"insert":". Assuming that output of the two products is restricted at 1369.\ni.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Using Lagrangian multiplier technique find the amounts of X and Y that will minimize cost and compute this cost.\nii.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Examine the cost implications of changing this optimal combination so as to produce 236 additional units of X and 236 fewer units of Y.\n"}]}

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